Consumers today have more information, options, and input in how and where they spend their money than ever before - and retaining their loyalty can prove to be a difficult challenge. Marketers are finding that consumers are growing more promiscuous with their brand choices, and the reasons aren’t limited to just one cause. Consumers are brand switching at higher numbers in order to suit their needs and brands must reevaluate the changing territory of consumer loyalty and how to maintain it, especially in light of current market disruptions. In order to overcome these disruptions and loss of loyalty, brands must be willing to uncover and understand the reasons why consumers have become less loyal.
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Natural disasters, cyber-attacks, pandemics…oh my! If we had to describe the 2020s in one word so far, ‘disaster’ might be the one we’d choose. We’ll be feeling the domino effect these events have had on our life, our businesses, and our economy for years to come. And just when we think we’re in the clear, surprise! Something new happens and we find ourselves shaking our heads in disbelief thinking…again? Really?